Pet supplies retailer PetSmart Inc (PETM), Wednesday reported an increase in fourth-quarter profit, as revenues grew. Moving ahead, the company detailed an earnings outlook for full-year 2013, indicated to come below analysts' current estimates. PetSmart's shares slipped seven percent in after hours trade.
Phoenix, Arizona-based PetSmart's profit for the quarter improved to $134.0 million or $1.24 per share from $102.0 million or $0.91 per share last year. On average, 24 analysts polled by Thomson Reuters expected earnings of $0.1.21 per share for the quarter. Analysts' estimates typically exclude special items.
PetSmart's total sales grew 15 percent to $1.88 billion from $1.64 billion last year. Analysts estimated revenues of $1.89 billion for the quarter.
Comparable store sales, or sales in stores open at least a year, grew 4.6 percent, benefitting from comparable transactions growth of 1.2 percent.
Looking forward to the first quarter of 2013, PetSmart expects earnings of $0.92 to $0.98 per share and comparable store sales growth of 2 to 4 percent. Analysts currently estimate earnings of $0.94 per share for the quarter.
For full year 2013, the company anticipates earnings of $3.76 to $3.92, and sales growth of 2 to 4 percent. Analysts currently estimate earnings of $3.93 per share for the year.
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